Written by Peter Grint, Operations Manager at IDPP
Challenger banks... a few years ago I didn't know what the term meant, and now it seems there's too many to choose from.
We've all encountered the phenomenon I know as "Net-flicking". I may have just invented that word. Maybe not. Regardless, it's pretty self explanatory - too many options to watch on Netflix and it becomes difficult to make a decision. The same applies (for myself at least) when it comes to challenger banks.
Do I need an account?
Which one do I choose?
What's the difference?
What's important to me about this service?
And of course, similar to the good old Playstation/Xbox debate, or the iPhone/Android war, users tend to advocate the challenger bank that they use with such conviction, that there's no way they could be wrong. Many of my colleagues swear by Monzo, others are like sales consultants for Starling.
And then there's the marketing - just because an advert is good, doesn't mean the service is good. They just have a kick-ass marketing team. How do I make a bloody decision??!!
And then something happened that I didn't expect - I saw this post from Revolut.
Apparently, they had some issues at the end of October, and on the first day of November, Revolut did something very strange.
They owned it!
Not only did they put their hands up and say, "Hey, we f*€k£d up", but they also gave a somewhat technical yet non-patronising explanation of what happened, and how they fixed it.
I feel like any of the big four banks would have put out a press release citing "technical issues" and given a standard "OURBANKLtd apologises to any customers for any inconvenience caused. Sincerely, Generic Management Team".
But Revolut explained the issue with just the right amount of detail, how they fixed it, what they learned, and how they will prevent the issue occurring again. And then they apologised. Not just a "sorry", but identifying that this was an unacceptable level of service.
But I know that S#!t happens, so for me, that makes this very much an acceptable level of service.
With all the different challenger banks to choose from, with services and app functionality that is so similar, this is the part that answers perhaps the most important question - What is important to me about this service?
I will be looked after. By a bank that is, apparently, honest and reactive to issues, as well as proactive and open owning mistakes.
I've never met Donato Lucia, the author of the Revolut App Issues post, but I applaud him - and I'm signing up for an account as we speak.
#challengerbank #netflicking #revolut